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Price Signal Summary - USDJPY Trend Structure Remains Bearish

OUTLOOK
  • In FX, the recovery in EURUSD maintains a positive tone and the pair is trading higher today. Price has pierced key resistance at 1.1017, the Nov 29 high and a bull trigger. A clear break of this hurdle would confirm a resumption of the uptrend and open 1.1065, the Aug 10 high. Initial firm support is seen at 1.0885, the 20-day EMA.
  • The trend outlook in GBPUSD is unchanged and remains bullish. Recent weakness is considered corrective. Moving average studies are in a bull-mode set-up, highlighting a rising trend. Key resistance and the bull trigger at 1.2733, the Nov 29 high, has recently been cleared, confirming a resumption of the uptrend. Sights are on 1.2800 next, the Aug 22 high. Initial firm support to watch is 1.2612, the 20-day EMA.
  • USDJPY has slipped further from Tuesday’s high. The recent recovery from 140.97, the Dec 14 low, appears to be a correction and trend conditions remain bearish. On Dec 14, the pair breached support at 141.71, the Dec 7 low, to confirm a resumption of the downtrend that started on Nov 13. Sights are on 140.71,76.4% of the Jul 14 - Nov 13 bull run. Key short-term resistance has been defined at 146.59, the Dec 11 high.
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Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsFixed Income BulletsForeign Exchange Bullets

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